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Last night General Growth Properties announced that the company is selling the Fashion Show Mall and The Shoppes at The Palazzo to satisfy debt obligations. Both of these malls are located on the Las Vegas Strip. GGP is also a 50/50 JV partner in another Strip project: Echelon.

BYD’s decision to delay Echelon put the company on the right side of the liquidity trade. I continue to believe the project will not be restarted for a considerable period of time, at least not until 2010. GGP is likely to join MHGC as a FORMER Echelon partner with BYD. This can only delay Echelon which is a positive for BYD shareholders and debt holders.